As organisations around the world have opened their doors again in the post-pandemic world, there are concerns about how businesses will cope with the changing business landscape. Naturally, health and safety are the top priorities, however, business leaders also need to focus on other workforce challenges as they tread the path toward financial recovery. Many have realised that it won’t be a simple return to old ways. The pandemic has created an imperative for organisations to reinvent their business strategies. Keeping the workforce motivated through the crisis and preparing them for a return to previous routines is going to be a challenge and the leaders will deal with it will define the future of the organisation. IIM Kozhikode Leap Strategic Management Programme for Senior Professionals is indeed an excellent leadership and management course that has been developed to enable business leaders to learn to develop effective business strategies and drive the company’s success in the competitive market.
Impact of the pandemic on Indian organizations
Covid resulted in a variety of operational as well as financial challenges for the Indian businesses. According to a survey conducted by US-based risk management company RIMS and insurance broker Marsh, the top concern for Indian business leaders remains the concern about a future health crisis. The services sector contributes to over fifty percent of the country’s gross domestic product. While the Covid-19 pandemic had an adverse impact on most sectors of the economy, the services sector was the worst affected. The impact of pandemic on small businesses has been the worst. Almost 80% of Indian companies faced difficulty in cash flows and over 50% of companies had issues with operations issues.
Developing strategies to ramp up business growth
Business resilience
Resilience is related to how the business will respond to any unforeseen events, by adapting to the situation effectively, implementing changes, and overcoming the situation successfully. The focus of the organisation should be the exploration of the possible strategies for continuing the business operations in periods of uncertainty.
Supply chain management
The economic chaos that was caused by the pandemic has led to the exposing of many vulnerabilities in supply chains. Leaders should take a cue and examine the supply networks. They must take effective steps to understand the gaps and take appropriate actions for improvement.
Liquidity and finance
The efforts of central banks have been successful in restoring financial stability. Organisations require experts in financial restructuring, as well as focused teams who are experienced in driving successful initiatives for liquidity and improvement in working capital. Boards and lenders need to be assured that the financing requirements have been understood.
Tax and regulatory systems
Organisations have to focus on the data for determining the tax exposure especially when employees are working from remote locations. There should be appropriate digital solutions to manage the tax compliance issues.
Reinventing the business landscape
Transformation of the business models is crucial to create new value for the business as well as the customers in a post-COVID world. Every organization must strive to be data-driven in the digital era. However, everything cannot be digital. To be truly effective new business models should be able to combine the digital and human aspects. Efficient leaders will ensure that a few of the transformation initiatives will be focused on the new business models and drive innovative revenue streams digitally. They need to invest in strategic resilience and focus on inclusive business models.
The need for speed and flexibility has increased dramatically. It is also important for employers to attract as well as retain the senior workforce as they bring years of knowledge, skills, and experience along with commitment, work ethics, and dedication to the job. This is extremely beneficial for a business on the verge of recovery. A strong senior workforce can make a business more competitive and bring inclusion to the workplace. From the perspective of risk management, some crucial focus areas of focus for business leaders are financial and regulatory risk, risks associated with third parties, and internal controls. They need to prepare a checklist to chalk out their responses as well as develop an effective risk mitigation plan.
Strategic leadership is the need of the hour as the focus must be on the future and the objective is to bring the organisation back to where it was prior to Covid-19. There is a rising demand for individuals who have competence in strategic management. They should be able to develop effective business strategies, oversee everyday operations and drive the organisation to success. IIM Kozhikode LEAP strategic management programme for senior professionals is a good executive management program that helps working professionals to succeed and boost the organisation’s growth.
Need for upskilling is the new normal
Changes in the business models, as well as consumer behaviour, call for upskilling. Investment in reskilling, upskilling, and retraining will result in the improvement of the employability of the workforce. Acquiring new skills is always an enriching experience. Leaders should focus on creating relevant skills, capabilities, and knowledge to work in the changing business environment. They must ensure that the employees have the necessary tools for the development of those skills.
Upskilling the workforce is crucial for organisations to stay competitive and ready for the future. An upskilled workforce will be able to apply the acquired skills and knowledge to the real problems of the business world. IIM Kozhikode LEAP strategic management programme for senior professionals is an ideal program to introduce the workforce to best practices and trends that will enable them to face a new business world. Future business leaders must evaluate their learning needs and invest in effective training.
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Program Management and Project Management are interchangeably used by organizations to refer to various initiatives that they run. They may sound similar but there are quite a bit of distinct differences between the two. The differences must be well understood to ensure proper implementation and benefit realization to the optimum.
In this article we will go over what exactly does program and project management entail, what are the differences, how similar they are, their specific benefits and the key roles in terms of Program Manager and Project Manager
Understanding the Two
We all know that PMI has very clearly articulated that:
Projects are “endeavours, temporary in nature, have a defined start, middle & end and have a defined objective to be met which is often a product or a service.”
And, Project Management is “the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.”
Projects are usually short term and quick measures that are deployed to achieve quick results. Their goals are always very tangible and once achieved the project team is dismantled and released for deployment to other projects. Each project is unique in its team composition, time-frame and expected outputs.
This also tells us that projects are very tactical in nature and address an immediate or impending business need.
But the ultimate decision is finally vested in the top management, or even if it is not, they have a huge influence on any decision.
Sales training in India focuses on overall sales without understanding the special mindset necessary for dealing with senior management.
While understandable, this can quickly derail important prospects and ruin revenue opportunities.
While approaching any Chief Executive, it is crucial to focus on the three main aspects of your communication:
Context – always frame your pitch and arguments in the right point of view that is specific to your audience...
